&imwidth=800&imheight=600&format=webp&quality=medium "Prospects of December US Fed Rate cut diminish amid data delay: Report")
An ICICI Bank report has claimed that the USFederal Reserve's move to cut the policy rate by 25 basis points in its latest Federal Open Market Committee (FOMC) meeting has reduced the odds of another rate cut in December.
Experts had been anticipatingthree policy rate cuts in the US. Two have already been announced. One tranche of policy rate cut in December is expected.
The report, however, said that the odds of a 25 bps cut in December have reducedby a degree.
"Given Powell's guidance and the fact that there could be delays in official economic indicators, particularly on the labour market, we think that the odds for a 25 bps cut in December have reduced by a degree, and the decision to cut the policy rate could be a close call," he added.
According to reports, theFOMC lowered the policy rate by 25 basis points on expected lines, bringing the federal funds rate to the 3.75 per cent-4.00 per cent range. Alongside the rate cut, the central bank also announced an end to its quantitative tightening (QT) program.
However, members of the panel,Stephen I Miran, demanded a larger 50 bps cut. Some even voted for keeping the repo rates unchanged.
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The report said that the dissents reflect the view that the economy is facing uncertainty.
He also highlighted challenges inassessing the economic situation amid the government shutdown.
The report maintained its forecast of a further cumulative 75bps cut through the remainder of 2025 and 2026, leading to a terminal rate of 3.00 per cent-3.25 per cent.